購併對主併方及競爭者績效影響之研究

Abstract

企業購併對主併者以及競爭者的影響，一直是財務、組織、以及策略領域當中十分重要的議題。過去三十年以來，有相當多的學者進行相關議題的研究。研究結果指出，企業購併能為公司創造價值，此價值大多由目標公司的股東獲得。然而，對於主併公司如何能為其股東創造價值，或者透過購併影響競爭者的價值，我們的所知仍然相當有限。本論文以資源基礎理論、產業組織經濟學為理論基礎，探討企業購併對主併公司以及競爭者價值的影響。本論文發展兩個研究子題，分別從主併公司以及競爭者的觀點，探討企業購併之價值創造。 本論文以美國地區與美國公司的購併事件為研究標的。研究子題一從資源基礎理論觀點出發，將企業購併視為公司重新佈署其資源組合的重要工具，論述主併公司如何透過購併為其股東創造價值。本研究針對1988-2006年間的2237個購併樣本，採用事件研究法，發現有效率的資源配置能為主併公司帶來正的超額報酬。此外，本研究針對875個購併次樣本，採用多元迴歸模型進行分析。發現組織寬裕資源、資源互補性、有效的資源配置、以及資源的整合，對於主併公司的超額報酬有正向顯著的影響。研究子題二以1994-2003年間的136個水平購併，包含1281個競爭者為樣本，檢驗市場力假說、生產效率假說、以及資訊效率假說對於競爭者價值的預測能力。研究結果發現，在產業集中度高的產業，市場力假說對於企業購併對競爭者價值的影響有較高的解釋能力。

The effects of mergers and acquisitions on the merged entities and their rival firms have been a central issue in the finance, organization, and strategy field. Evidence from extensive prior studies has concluded that mergers and acquisitions can create value for the merging entities although the shareholders of target firms receive most of gains. However, we still know little about how mergers and acquisitions can create value for acquirers and/or reduce value for rivals. Drawing on resource-based view and industrial organization economics, this dissertation attempts to systematically investigate the antecedents and consequences of mergers and acquisitions from the perspective of the acquirer and the rival. To address these issues, this dissertation develops two studies to examine the influence of mergers and acquisitions on acquirer and rival returns. The first study employs resource-based view and post-acquisition integration perspective to demonstrate the conditions under which acquirers can create value via acquisitions. We argue that acquisitions can be a means by which firms reconfigure their resource combination. Using 2237 acquisitions made by 1299 acquiring firms during 1988-2006, we demonstrate that efficient resource allocation leads to positive abnormal returns for the acquirer. A subsample of 875 acquisitions undertaken by 607 firms shows that the level of slack resources, resource complementary, efficient resource allocation, and the resource advantage the acquirer relative to the target, are positively related to acquirer returns.

The second study adopts industrial organization economics to reason the effects of mergers and acquisitions on rival firms in the horizontal mergers and acquisitions. Using 136 horizontal acquisitions with 1281 rivals during 1994-2003, we examine the predictions of market power hypothesis, productive efficiency, and information efficiency on rivals’ stock performance. We find that while rivals receive positive abnormal returns in the highly-concentrated industry, rivals obtain almost zero return in the moderately-concentrated industry. We use a subsample to further examine the results. We show that (1) in a good market condition, horizontal acquisitions tend to reduce rivals’ value; (2) acquisitions undertaken by acquirers as market leaders are more likely to create value for rivals; (3) rivals with poorer prior performance gain more returns. Overall, our findings suggest that market power hypothesis has a stronger prediction of rival returns than efficiency view in the highly-concentrated industry.